2020 Archdiocese of Atlanta Employee Policy Manual/September 2020 - Manual / Resource - Page 40
order to be eligible for a contribution for that Plan Year. This account accrues income or loss based
on the Plan’s investments for the fiscal year.
This Plan is totally Employer funded and employees are not permitted to make contributions to
the Plan.
Vesting:
You become 100% vested:
•
•
•
After five (5) vesting years of service;
Upon attainment of Age 65; or
Upon total disability or death while employed with the Archdiocese.
If employment is terminated prior to becoming vested, your account balance will be forfeited back
into the Lay Pension Fund.
Payment of Benefits:
Vested Benefits are eligible for distribution:
• Six (6) months after termination of employment with the Archdiocese (unless you are age
65 or older, in which case you are eligible for immediate distribution);
• Upon total disability while employed with the Archdiocese; or
• Upon death, as soon as administratively possible to your designated beneficiary.
Distribution of Funds:
Distribution may be requested as either:
•
•
•
Lump Sum (20% mandatory Federal income tax withholding will apply.)
Direct Rollover to a qualified retirement Plan, IRA or Roth IRA
Accounts valued at $1,000 or less will automatically be distributed in a lump sum unless a
direct rollover is requested.
Account Statements are sent to all Plan participants in the fall of each year. To correct any
information, please copy the statement, noting corrections, and send the copy to the Employee
Benefits Manager.
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